Julie is planning to open a restaurant and is considering two possible locations.She has estimated the payoff for each location for each of three different possible levels of restaurant popularity (state of nature)as shown below. 
Suppose that Julie estimates the following probabilities for each level of restaurant popularity. 
The expected value of Location 2 is 310.
Definitions:
Taxable Income
The amount of income that is used to determine how much tax an individual or a business owes to the government.
Form 1040EZ
was a simplified tax form used by individuals with straightforward tax situations, now replaced by Form 1040.
Deduction
An expense that can be subtracted from taxable income, reducing the total amount of tax owed.
Single Taxpayer
A filing status for individuals who are unmarried and do not qualify for any other filing status on their tax returns.
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